MAS seeks feedback on corporate governance regulations for banks, insurers
This is part of its efforts to keep regulatory standards current and effective
The Monetary Authority of Singapore (MAS) is seeking public input on proposed changes to corporate governance regulations for banks, insurers, and their designated financial holding companies. This comes as part of MAS' regular review to maintain effective and up-to-date governance standards. The proposed updates include increasing the minimum size of boards, requiring prior approval for key appointments, and refining criteria for determining independent directors.
These targeted modifications aim to enhance safeguards against risks and evolving practices, while also streamlining requirements to minimize impact on customers and the financial system. The regulator is also looking to address succession planning, technology, and information risk management at both board and senior management levels.
Public feedback on the proposed changes can be submitted online through a FormSG link until December 9.
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